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A Measure of Competition Based on 10‐K Filings
dc.contributor.authorLi, Fengen_US
dc.contributor.authorLundholm, Russellen_US
dc.contributor.authorMinnis, Michaelen_US
dc.date.accessioned2013-04-08T20:49:44Z
dc.date.available2014-07-01T15:53:23Zen_US
dc.date.issued2013-05en_US
dc.identifier.citationLi, Feng ; Lundholm, Russell ; Minnis, Michael (2013). "A Measure of Competition Based on 10â K Filings." Journal of Accounting Research 51(2): 399-436. <http://hdl.handle.net/2027.42/97199>en_US
dc.identifier.issn0021-8456en_US
dc.identifier.issn1475-679Xen_US
dc.identifier.urihttps://hdl.handle.net/2027.42/97199
dc.description.abstractIn this paper we develop a measure of competition based on management's disclosures in their 10‐K filing and find that firms’ rates of diminishing marginal returns on new and existing investment vary significantly with our measure. We show that these firm‐level disclosures are related to existing industry‐level measures of disclosure (e.g., Herfindahl index), but capture something distinctly new. In particular, we show that the measure has both across‐industry variation and within‐industry variation, and each is related to the firm's future rates of diminishing marginal returns. As such, our measure is a useful complement to existing measures of competition. We present a battery of specification tests designed to explore the boundaries of our measure and how it varies with the definition of industry and the presence of other measures of competition.en_US
dc.publisherSpringer‐Verlagen_US
dc.publisherWiley Periodicals, Inc.en_US
dc.titleA Measure of Competition Based on 10‐K Filingsen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelBusiness (General)en_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/97199/1/joar472.pdf
dc.identifier.doi10.1111/j.1475-679X.2012.00472.xen_US
dc.identifier.sourceJournal of Accounting Researchen_US
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dc.owningcollnameInterdisciplinary and Peer-Reviewed


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